Georgian Angel Network

April 24, 2012 15:55 ET

Georgian Angel Network Closes $725,000 Investment in Medical Device Technology Company Avenir Medical Inc.

COLLINGWOOD, ONTARIO--(Marketwire - April 24, 2012) - Georgian Angel Network ("GAN") announced today the recent completion of an investment by the group in Waterloo-based Avenir Medical Inc. in the amount of $725,000.

"The investment in Avenir Medical Inc. is one of two recently made by GAN in the medical technology sector, and represents a significant step forward in financing the commercialization of Avenir's PelvAssist technology. We are extremely pleased to be involved with this energetic and entrepreneurial management team, and look forward to working with them in meeting their future financing requirements" said Sandy Robertson, Founder and Managing Director of GAN.

"We are excited about the investment made by accredited angels from GAN" said Armen Bakirtzian, Co-founder and CEO of Avenir Medical lnc. "This funding will support the continued development of PelvAssist, a novel medical device aimed to assist orthopaedic surgeons deliver a superior quality of care to their patients while reducing the incidences of surgical error."

About Avenir Medical lnc

Founded in 2010, Avenir Medical lnc. researches, develops, and commercializes orthopaedic medical devices. Their flagship technology, PelvAssist, assists orthopaedists deliver a superior quality of care to their patients. lt allows them to correctly implant the prosthetic components used to replace a diseased hip joint, a process that is traditionally performed by eye.

About Georgian Angel Network

Georgian Angel Network is a member organization comprised of accredited investors in South-Central Ontario seeking to deploy their financial, intellectual & experiential capital in high-potential startup companies. While GAN has a regional investment preference, compelling opportunities from beyond the GAN catchment area that fit with our investment criteria are also welcome. We are currently seeking additional high net worth investors, as new members, who see angel investing as an integral part of their overall investment portfolio.

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